Business &amp; Accountancy Daily

Accounting Consultations

Image for dingemans replace bischoff frc chair

Finance | Dingemans to replace Bischoff as FRC chair

Simon Dingemans, former chief financial officer at GlaxoSmithKline (GSK), is set to replace Sir Win Bischoff as chair of the Financial Reporting Council (FRC) to lead the audit regulator's overhaul and transition into the Audit, Reporting and Governance Authority (ARGA)

11 Jul 2019

Image for sec charges accountant over 62m insider trading

Business | SEC charges accountant over $6.2m insider trading

The US Securities and Exchange Commission (SEC) has filed insider trading charges against an accountant who tipped off a friend about confidential financial information

11 Jul 2019

Called to Account

Image for france plans green tax airline flight departures

Tax | France plans green tax on airline flight departures

The French government is to introduce an ‘eco-tax’ on all outgoing flights from French airports, which is expected to bring in €180m (£162m) from 2020, to encourage a more environmentally-friendly approach to travel

11 Jul 2019

Business | UK regulator hits Marriott with £99m data breach fine

The Information Commissioner's Office (ICO) plans to fine hotel chain Marriott International £99m for general data protection regulation (GDPR) infringements, just days after a record-breaking £183m fine for British Airways over a privacy breach

11 Jul 2019

Finance | Eddie Stobart Logistics delivers accounting concerns

Eddie Stobart Logistics, the UK supply chain, transport and logistics group, has warned it faces a £2m cut in its previously reported income, after a review conducted by its new CFO identified accounting issues

11 Jul 2019

Finance

Financial Reporting

10 Jul 2019

Image for aqi 2019 grant thorntons auditing branded unacceptable

Finance | AQI 2019: Grant Thornton’s auditing branded ‘unacceptable’

The Financial Reporting Council (FRC) has labelled Grant Thornton’s audit quality as ‘unacceptable’, citing its failure to improve as a ‘deep concern’ after finding a quarter (26%) of all audits assessed over the past five years have required significant improvements, reports Pat Sweet

10 Jul 2019

Finance | AQI 2019: lack of improvement in audit quality ‘disappointing’

The Financial Reporting Council has made a scathing attack on the quality of UK audit in the latest 2019 Audit Quality Inspections reports, with one in four audits inspected requiring significant improvement. Sara White reports

10 Jul 2019

Image for aqi 2019 kpmg auditors fail challenge management

Finance | AQI 2019: KPMG auditors fail to challenge management

KPMG has started to turn around its audit business with an improvement in the quality of audits reviewed in the 2018/19 audit quality inspection (AQI) reports, although inspectors criticised a lack of management challenge and quality control, reports Sara White

10 Jul 2019

Image for aqi 2019 pwc required stem unsatisfactory decline audit quality

Finance | AQI 2019: PwC required to stem ‘unsatisfactory’ decline in audit quality

The Financial Reporting Council (FRC) has highlighted a ‘notable’ decline in audit quality at PwC in its annual quality inspection (AQI) particularly in relation to the firm’s FTSE 350 audits, where the number judged to be good has fallen to 65%, well below the regulator’s 90% target

10 Jul 2019

Image for aqi 2019 decline audit quality mazars

Finance | AQI 2019: decline in audit quality at Mazars

Mid-tier firm Mazars, which was recently hired as auditor of Goldman Sachs’ European arm, has seen a decline in audit quality over the past year with AQI inspectors criticising the firm for not fully addressing earlier issues

10 Jul 2019

Image for aqi 2019 deloitte shows modest improvement audit quality

Finance | AQI 2019: Deloitte shows ‘modest’ improvement in audit quality

Deloitte has shown ‘modest’ improvements in audit quality in this year’s audit quality inspection (AQI) reviews, but has performed better than other Big Four firms

10 Jul 2019

Image for aqi 2019 ey outperforms big four audit quality target

Finance | AQI 2019: EY outperforms Big Four on audit quality target

EY has demonstrated improvements in audit quality in the latest round of audit quality inspection (AQI) reports and is the Big Four firm which came closest to meeting the Financial Reporting Council (FRC) target of 90% of FTSE 350 audits requiring no more than limited improvements

10 Jul 2019

Image for aqi 2019 bdo must improve audit quality control processes

Finance | AQI 2019: BDO must improve audit quality control processes

Revenue recognition and a failure to challenge management assumptions were flagged as ongoing issues with audit at mid-tier firm BDO, found this year’s FRC audit quality inspections (AQI) reviews

10 Jul 2019

Image for regulator scrutinises charities ps10m money laundering scam

Finance | Regulator scrutinises charities in £10m money laundering scam

The Charity Commission has revealed it is undertaking a class statutory inquiry into London-based charities alleged to be involved in a scheme to launder £10m from the sale of counterfeit erectile dysfunction and slimming pills

10 Jul 2019

Charities

Law & Guidance

9 Jul 2019

Image for fca tightens controls peer peer lending rules

Business | FCA tightens controls on peer-to-peer lending rules

As the Financial Conduct Authority (FCA) releases its latest rule book for loan-based, peer-to-peer platforms, Kam Dhillon, principal associate at Gowling WLG, explains the regulator’s latest attempts to improve investor protection

9 Jul 2019

Business | Begbies Traynor achieves £60m revenue milestone

Begbies Traynor has reported revenues of £60.1m in its latest annual report, up 15% from £52.4m last year

9 Jul 2019

Leadership & Management

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Tax | Five-day turnaround time for MTD direct debits

Taxpayers need to allow five working days to set up a direct debit instruction for the new Making Tax Digital (MTD) service

9 Jul 2019

HR | Baldwins acquires long-established West Country practices

Baldwins accountancy group, a member of CogitalGroup, has acquired two additional long-established practices as part of moves to build up its presence in the West Country

9 Jul 2019

Accountancy Firms

Careers

Leadership & Management

Image for cfo concerns over brexit outcome deepens

Business | CFO concerns over Brexit outcome deepens

Brexit uncertainties and concerns about developments in geopolitics mean CFOs at the UK’s largest companies are battening down the hatches

9 Jul 2019

Tax | VAT Q&A: how to re-register for VAT

In our regular Q&A series, Croner Taxwise VAT consultants explain the rules around re-registering a business for VAT after a period of time when turnover fell below the VAT threshold

9 Jul 2019

Tax

VAT

Tax Compliance

Business | European Commission approves Flybe acquisition

The purchase of Flybe by a consortium of companies led by Virgin Atlantic has been approved by the European Commission under the EU Merger Regulation

9 Jul 2019